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Overview - State Bank of India Personal Loan

SBI also known as the State Bank of India is a public sector multinational banking and financial services company with its headquarters situated in Mumbai. SBI has emerged with the largest consolidation ever in the banking industry by merging with 5 of its associates namely SBI Bikaner, SBI Jaipur, SBI Hyderabad, SBI Mysore, SBI Patiala and SBI Travancore along with Bharatiya Mahila Bank. State Bank is all set to enter the league of top 50 global banks with over 278000 employees, with a 33 trillion balance sheet, 24000 branches and 59000 ATMs. SBIs market share is all set to increase to 22% from 17%. The bank traces its history to the British Rule, and is the oldest bank in the entire country.

About SBI Personal Loan

SBI is the largest public sector bank in the country and is one of the most preferred banks in the country when it comes to avail personal loans. SBI provides personal loans to both salaried as well as self employed individuals to overcome any sort of financial requirements. State Bank of India does not require any security or collateral to apply for a personal loan. The money made available through SBI Personal loan can be used for various purposes such as house renovation, medical emergencies, higher education, lavish weddings etc and there is no restriction in this criteria. SBI offers personal loans at low interest rates and clubs this benefit with various benefits from time to time making it the most desirable bank for personal loans among the customers. It is a popular choice among both the salaried as well as the self employed individuals. SBI offers loans up to Rs.10 Lakh for salaried as well as self employed individuals with a repayment period ranging up to 48 months. The SBI personal loan is disbursed to the borrower within 3-4 days of complete documentation.

Why Choose SBI Personal Loan?

The following are the SBI Personal loan benefits:

Attractive rate of interest :
State Bank of India charges a very minimal rate of interest for its personal loans making it the most popular bank among the borrowers.

Timely discounted schemes :
State Bank of India is one of the most initial banks to offer personal loans at discounted rates under various loan schemes under different schemes on various festive occasions and seasons.

Quick loan approval :
State Bank of India offers complete transparency in when it comes to charges and penalties for any sort of personal loans. SBI personal loans come with no hidden charges and its transparent dealings make it the most preferred banks of the country

Zero prepayment penalty :
State Bank of India offers zero prepayment penalties which allow its customers to prepay their loans at their convenience.

Online loan submission :
SBI offers online submission of loans making it easier for the people to apply for personal loans from anywhere.

High quantum of loan : State Bank of India offers high quantum of personal loans which makes it one of the most sought after bank for personal loans in the country.

Fast processing : State Bank of India is the only bank which has branches in almost all the parts of the country. The bank is well known for its personal loan segment allowing quick loan disbursal and processing.

24*7 customer support : State Bank of India has a dedicated customer support which allows its loan borrowers and loan applicants to get in touch with the bank.

Low interest rates : SBI offers low personal loan interest rates at reducing basis making it one of the most desirable banks for personal loan. Currently SBI is offering personal loans at base rate 10.15% floating and 12.8% per annum.

Central and State Government Employees

Semi-Government Employees

Individuals employed with Central public sector undertakings (PSUs)

Profit making State PSUs

Government Sector Educations Institutes

Educational Institutes of National repute

Selected Corporate

Individuals employed with Profit making private sector entities with meeting minimum income criteria

SBI Personal Loan Advantages

No security required

No guarantors required

Minimal documentation and faster approval

Low interest rate, calculated and charged on daily reducing balance

Very low Processing fees and charges compare to the industry

No hidden cost involved

No administrative charges levied

Pay interest when you use only on SBI personal loan overdraft facility

No pre-part payment charges

SBI Personal Loan Rate of Interest

SBI offers personal loan with floating or variable interest rate on a daily reducing balance at a monthly rests. SBI personal loan charges interest on its 1 year MCLR, rate of interest is subject to 1 year reset from the date of sanction of the loan. SBI holds the rights/ option of reducing or increasing the rate of interest on your loan consequently can either increase or decrease the EMI or the tenure of the loan.

SBI Fixed Interest Rate Personal Loan

Under fixed interest rate personal loan from SBI, interest is charged at prevailing 2 years MCLR as on the date of disbursement of the loan on a daily reducing balance with monthly rests. The rate of interest is fixed for the entire tenure of the loan.

SBI Personal Loan Maximum Loan Amount

Rs. 15, 00000/- SBI offers maximum amount in personal loan is up to Rs. 15, 00000/- restricting the upper cap on loan amount up to 24 times of the Net Monthly income of the applicant.

SBI Offers Personal Loan in 2 Forms or Structure

Tenure based SBI Personal Loan -Term Loan

Overdraft Facility

Tenure Based SBI Personal Loan

Term Loan Under tenure based personal loan program SBI offers a minimum loan amount of Rs. 24, 000/- and maximum loan amount of Rs. 15, 00000/- with a tenure up to 60 months. Minimum net monthly income required for a tenure based personal loan is Rs.7, 500/- and SBI can offer you an EMI up to 50% of your Net Monthly Income.

SBI Personal Loan Overdraft Facility

Under overdraft personal loan facility SBI offers a loan amount up to Rs. 15, 00000/- with a minimum loan amount of Rs. 10, 00000/-. In this particular form of personal loan, a borrower doesn’t pay an EMI and only serve the interest on the utilized amount so you don’t pay interest if you are not utilizing the funds. Under The SBI overdraft personal loan facility, the overdraft facility will be subject to monthly reduction in down payment (DP) so that the DP becomes NIL in 60 months. In other words, SBI will reduce the principle amount every month in proportion where in the OD get closed by the end of the tenure.

Repayment Period SBI Personal Loan

Minimum repayment period SBI offer in personal loan is 6 months and maximum tenure it offers is 60 months. Subject to a borrower meeting the minimum and maximum age criteria of the bank.

SBI Personal Loan Top Up – Provision for 2nd Loan

A borrower is entitled to take a top up loan after completion of the 1 year of the loan. This is subject to a clear repayment track on the loan and SBI personal loan EMI not exceeding 50% of your Net Monthly income.

Equated Monthly Instalments to Net Monthly Income Ratio (EMI/NMI)

SBI personal loan can offer you a personal loan up to 50% of your Net Monthly Income.

No Guarantors required

SBI Personal Loan doesn’t require any guarantor to give you a personal loan, however based on your credit profile SBI may ask you for a guarantor.

Processing Fees SBI Personal Loan

Pre- Payment Charges on SBI Personal Loan

No-prepayment Charges/ No foreclosure charges applicable under all the schemes of SBI personal loan with Floating Rate of Interest.

3% - prepayment Charges and foreclosure charges is applicable under all the schemes of SBI personal loan with Fixed rate of interest.

SBI Charges 3% penalty on pre part payment as well as foreclosure of the loans.

Mode of Repayment of SBI Personal Loan

The repayment of the personal loan is through either an ECS mandate, Standing Instruction from SBI account, NASH Mandate or post-dated cheques.

Repayment of SBI Personal Loan

The SBI personal loan is repaid in Equated Monthly Instalments (EMIs) over the tenure of the personal loan. In case of an overdraft personal loan every month a part of the principle amount gets reduced towards and adjusted towards principle payments so that the facility can be closed within the tenure of the loan.

Penal Interest on SBI Personal Loan

There’s No penal interest on personal loan amount up to Rs. 25, 000/-. For loan amount exceeding above Rs. 25, 000/- will attract 2% penal interest per annum. If the payment is made in the same month of EMI than there would be no penal interest on an SBI personal loan.

Intimation of Changes in Rate of Interest on Personal Loan

A personal loan borrower shall be deemed to have a notice of change of interest rate as and when it increases or decreases.

SBI Unsecured Personal Loans Schemes

To cater to the wide Indian market and diversified credit profile of Individuals SBI has multiple products and schemes in Personal Loan

Xpress Credit Personal Loan is available to the employees working with top rated India, multinational or government enterprises/ corporates only. Salaried Individuals working with companies like Tata group companies, Reliance group companies, Infosys, IBM, TCS, different banks and other top companies where the company is rated as A, A+, A-, or BBB+ and others can apply for a personal loan under this program:

Personal Loan Type

Facility Type/Form

Check Off Category

Rating of the Corporation

2 year MCLR

Spread over 2 year MCLR

Effective Interest Rate

Reset Period

Xpress Credit Personal Loan for rated company

Term Loan

Check Off

Company Rating A- & above

8.10%

3.80%

11.90%

No Reset

Xpress Credit Personal Loan for rated company

Term Loan

Check Off

Company Rating BBB+ & below

8.10%

4.30%

12.40%

No Reset

Xpress Credit Personal Loan for rated company

Term Loan

No Check off

Company Rating A- & above

8.10%

5.90%

14.00%

No Reset

Xpress Credit Personal Loan for rated company

Term Loan

No Check off

Company Rating BBB+ & below

8.10%

6.40%

14.50%

No Reset

Xpress Credit Personal Loan for rated company

Overdraft

Check Off

Company Rating A- & above

8.10%

4.05%

12.15%

No Reset

Xpress Credit Personal Loan for rated company

Overdraft

Check Off

Company Rating BBB+ & below

8.10%

4.55%

12.65%

No Reset

Xpress Credit Personal Loan for rated company

Overdraft

No Check off

Company RatingA- & above

8.10%

6.15%

14.25%

No Reset

Xpress Credit Personal Loan for rated company

Overdraft

No Check off

Company Rating BBB+ & below

8.10%

6.65%

14.75%

No Reset

Xpress Credit to employees of Unrated Corporates

Under this personal loan scheme of SBI, it offers personal loan to the employees of unrated companies including all private sector companies. Below are the details of the offer and credit bureau score required to qualify for an SBI personal loan under the scheme?

Personal Loan Type

Facility Type

Check Off Category

Credit Bureau Score

2 year MCLR

Spread over 2 year MCLR

Effective Interest Rate

Reset Period

Xpress Credit Personal Loan for unrated company

Term Loan

Check Off

≥ 800

8.10%

4.55%

12.65%

No Reset

Xpress Credit Personal Loan for unrated company

Term Loan

Check Off

700 - 799

8.10%

5.05%

13.15%

No Reset

Xpress Credit Personal Loan for unrated company

Term Loan

No Check off

800

8.10%

5.40%

13.50%

No Reset

Xpress Credit Personal Loan for unrated company

Term Loan

No Check off

700 - 799

8.10%

6.65%

14.75%

No Reset

Xpress Credit Personal Loan for unrated company

Overdraft

Check Off

≥ 800

8.10%

4.80%

12.90%

No Reset

Xpress Credit Personal Loan for unrated company

Overdraft

Check Off

700 - 799

8.10%

5.30%

13.40%

No Reset

Xpress Credit Personal Loan for unrated company

Overdraft

No Check off

≥ 800

8.10%

5.65%

13.75%

No Reset

Xpress Credit Personal Loan for unrated company

Overdraft

No Check off

700 - 799

8.10%

6.90%

15.00%

No Reset

SBI Saral Personal Loan for Self Employed Individuals

Under SBI Saral Personal Loan scheme SBI provides personal loan to self-employed professional to give them quick and easy access to cash for al kind of emergency requirements of funds. SBI saral personal loan can be taken for below mentioned reasons and purposes.

SBI Saral personal loan for managing short fund requirement in business

SBI Saral personal loan for medical emergency

Personal loan for clearing personal finance liabilities

Personal loan for summer vacations

SBI personal loan for higher education and others

Features of SBI Saral Personal Loan

Minimum loan amount Rs. 25, 000/-

Maximum Loan amount Rs. 15, 00000/-

Processing fees 2.0% to 3% of the loan amount plus service tax as applicable

Foreclosure charges up 3 % of the loan amount

SBI Saral personal loan facility is available in Term loan as well as overdraft structure

Eligibility for SBI Saral Personal Loan

You are eligible to take a Saral personal loan from SBI if you are either of the below mentioned self-employed professional

Doctor with a degree certificate and possess minimum 2 years of practicing experience

Self-employed qualified engineer with minimum 2 years of experience

A Chartered accountant with over 2 years of practicing experience

An Architect with 2 years of experience

MBA with over 2 years of experience

A consultant with qualified professional degree and 2 years of

SBI Saral Personal Loan Income Eligibility

Minimum net monthly income required to apply for a personal loan under this scheme is Rs. 7, 000/-

SBI Personal Loan Processing Fees under Different Loan Schemes

Scheme Name

Processing Fees

Clean Overdraft

NIL

SBI Pension Loan

0.51% of the Loan amount (Minimum Rs. 250)

Jai Jawan Pension Loan

NIL

Xpress Credit

1.01% of the Loan Amount

Purpose and end use of State Bank of India Personal Loan

SBI offer personal loan for diversified proposes and reason including one or more of the below mentioned purposes:

loan for medical treatment

loan for higher education

loan for family vacations

loan for house renovation

loan for purchasing household items

personal loan for travelling to Australia

personal loan for vacation in Europe

Other general proposes

SBI doesn’t not offer a personal loan for speculative activities.

SBI Personal Eligibility Criteria

Salaried individual & employees working with Private sector enterprises, public sector enterprises, armed forces pensioners of Central government, State government or armed forces and others are eligible to take a personal loan from SBI. Provided they meet the minimum and maximum age criteria, income criteria and credit risk profile of SBI personal Loan. To be eligible to take a personal loan from SBI an applicant must have a regular and stable source of income either from Salary, business or pension.

Minimum net income required for a self-employed business owner or professional to apply for SBI Personal loan is Rs. 7, 500/-

Must have minimum 2 years of working experience at the time of applying for a personal loan with SBI.

Residence Address-Should be residing at the current residence at least for last 1 years.

CIBIL Score or Credit Bureau Score Required for SBI Personal Loan

Salaried individuals working with unrated or rated companies must have minimum CIBIL score of 700. Higher is your CIBIL score better are the chances of you getting a cheaper rate of interest on SBI personal loan.

SBI Personal Loan EMI Calculator

You can pay off your SBI personal loans with EMIs (Equated Monthly Installments)

The EMI offered by SBI personal loan can go as low as 2173.7436316639

The EMI paid by you depends on:

Loan amount of personal loan

Personal loan interest rate

Tenure of loan

The following methods can be used to pay off your personal loan:

if your bank account is with SBI, a standing instruction can be issued to deduct the EMI amount

If your bank account is with another bank, you can make use of Electronic Clearing System (ECS) Mandate

At the time of application, you will have to provide security cheques

Loan Eligibility for Pensioners in SBI

Age of the pensioners should not be more than 76 years and there are no minimum age requirements under the SBI personal loan for pensioner’s scheme.

Family pensioners that are spouse authorized to receive pension after the death of the pensioner, subject to condition that family pensioner should not be more than 76 years at the time of applying for a loan.

Equated monthly instalments (EMI) for the personal loan should not exceed 50% of Net monthly pension in all the cases for all type pensioners.

Features SBI Personal Loan for Pensioners

Repayment Mode- Standing Instruction to debit the pension account for recovery of the EMIs

Processing Fees- processing fees for central and state government pensioners including family pensioners is 0.25% plus Service Tax as applicable.

Processing fees for Defence pensioners- NIL

Pre-payment charges- any Prepayment in full or part closure of the loan before maturity of the loan will attract the prepayment penalty of 3% on prepaid amount.

Equated monthly instalments (EMI) for the personal loan should not exceed 33% of Net monthly pension in this

Age at the time of Loan sanction

Repayment Period

Age at the time of full Repayment

Up to 72 years of Age

60 months

77 years

More than 72 years and up to 74 years

48 months

77 years

More than 72 years and up to 74 years

48 months

78 years

More than 74 years and up to 76 years

24 months

78 years

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We provide end to end services i.e. we assist you right from the time you apply to the time the deal is finally done and delivered.

We offer services all across the country.

FAQ State Bank of India Personal Loan

Am I eligible for SBI Personal loan?

SBI offers personal loans only for salaried individuals earning more than stipulated monthly income depending on the city of their residence. The minimum monthly income required for SBI Personal loan is Rs.24000 per month.

How do I repay SBI Personal loan?

You can repay the SBI Personal loans using Equated monthly instalments using the ECS facility or through post dated cheques.

What is the maximum amount of loan one can get from SBI?

SBI offers personal loans as high as Rs.10lakh/12 time’s net monthly income for successful applicants depending on their financial records and their repayment history.

What is the tenure of the SBI Personal loan?

The tenure of the SBI personal loan is 48 months which is very much suitable for all loan seekers.

State Bank of India Customer Care Contact Numbers

Search by City or Address:

BANK

ADDRESS

PIN CODE

WORKING HOURS

CONTACT NO

SBI

214 NAVI PETH, SURYA PLAZA, LB ROAD, PUNE , MAHARASHTRA 411030

411030

10:30 AM to 4:30 PM (Monday to Saturday) except on 1st?and 2nd?Saturday of the month

020-24331995, 24321498

SBI

DIST : PUNE, MAHARASHTRA 411 025

411025

10:30 AM to 4:30 PM (Monday to Saturday) except on 1st?and 2nd?Saturday of the month

020-24389033

SBI

BHIGWAN RD., BARAMATI, PUNE - 413102

413102

10:30 AM to 4:30 PM (Monday to Saturday) except on 1st?and 2nd?Saturday of the month